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Sale of the Week: the $1.9 million teardown that shows the changing character of Forest Hill

sale-of-the-week-83-dunloe-road-intro

Address: 83 Dunloe Road
Neighbourhood: Forest Hill
Agent: Beth Boigon, Forest Hill Real Estate Inc., Brokerage

The Property: This two-storey centre-hall home in Forest Hill makes up for its fixer-upper status with an ample 50-by-120.25-foot lot that includes a fenced, pool-sized backyard. Inside, there are original hardwood floors, two fireplaces and a finished basement with high ceilings. The home also lies within range of various high-end amenities, including an award-winning public school district and private schools. Another nearby destination is Forest Hill Village, at Spadina and St. Clair, which is in the midst of a sea change, like much of the rest of the tony neighbourhood.

The History: Ever since being built in the 1940s, the home has been maintained by the same family. Today, “The Village” retains its original community feel, but there are modern amenities (an LCBO and a Starbucks, for instance) among long-time fixtures like the Forest Hill Barber Shop.

The Fate: Fittingly, this home was put on the market the very same day its neighbour was being torn down. 83 Dunloe will meet a similar fate, with the new owners expected to bulldoze the site and start over fresh. It’s clear the buyers don’t intend to flip the place once they’re finished rebuilding—they’ll be keeping this one for themselves. They’ll take possession in May.

The Sale: Seeing a trend, the sellers figured out early on that this home’s value would have a lot to do with the land it sits upon. They factored in the sale of the now-bulldozed house next door to set a fair asking price. The home’s location across the street from a busy school kept the list value relatively accessible by Forest Hill standards, but a shortage of buildable properties in the area helped buoy the sale once bidding started. The home attracted 12 offers, the best one putting the home $351,000 over asking.

By the Numbers:

• $1,900,000
• 123 per cent of list price
• 12 offers
• 6 days on the market
• 4 bedrooms
• 4 bathrooms
• 2 parking spaces
• 2 fireplaces
• 1-car garage

  • Bonsai

    Toronto people are becoming stupid – it must be the drinking water or the drugs they are smoking. What idiot would buy this piece of junk for 1.9??

  • Basil

    Okay Toronto, it’s time to stop drinking the kool-aid. $1.9 million for a house that you’re just going to tear down?!

  • Julien Jean-Pierre

    An idiot that knows he can tear this down and build a brand new custom home that will be worth over 2.5 million. If you understood the value of real estate then you would understand why anyone would pay so much for this place.

  • jjochwat

    Savings from reuse are between 4 and 46 percent over new construction when comparing buildings with the same energy performance level. By the same token, it takes between 10 and 80 years for a home that is 30 percent more energy efficient to overcome the climate-change impacts of its construction. In other words, want to do the WORST thing possible from an energy, waste and pollution standpoint? Then by all means, tear it down.

 

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